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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3027
Overview – So far this week the EURUSD has been locked in a trend channel drifting from the 1.2880 area to the mid 1.3040 area. A clean push higher will test previous supports near 1.3090. More downside could be expected on a break below 1.2885.
Resistance – 1.3045 / 1.3085 / 1.3140 / 1.3190 / 1.3215
Support – 1.2970 / 1.2923 / 1.2890 / 1.2810 / 1.2750
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GBP/USD – Current 1.5675
Overview – Much like the EURUSD this pair has been drifting higher yet choppy. Finding resistance in the area of the daily trend line. The mid 1.5650 area has proven strong before and will need a clean break for higher. Look for a push through the 1 hour up trend line for more downside.
Resistance – 1.5690 / 1.5711 / 1.5748 / 1.5800
Support – 1.5600 / 1.5573 / 1.5545 / 1.5508 / 1.5445
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USD/CHF – Current 0.9710
Overview – Short term trend since Dec.31 has pressured higher but has not seen a confident break of the weekly down trend line. More upside could be expected as the trend channel drifts higher to the upper .9880 area. Watching 1 hour up trend line for signs of a slide back down.
Resistance – .9730 / .9765 / .9813 / .9860
Support – 0.9680 / .9635 / .9585 / .9515 / .9325
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USD/JPY – Current 83.35
Overview – Congestion between 83.50 and 84.40 could prove to be difficult on the way higher. Only a break of 84.40 will see the next significant bull leg. Under 82.70 could begin a slide back to the mid 81.00’s
Resistance – 83.48 / 83.80 / 84.00 / 84.40 / 85.18 / 85.70
Support – 83.00 / 82.70 / 82.30 / 81.67 / 81.10 / 80.30
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USD/CAD – Current 0.9855
Overview – Resistance at 1.0000 still dominant and continuing to focus on sell opportunities under that level. Only a break of 1.0020/30 will look for more upside. Trades taken this week on the test under 1.0 have profited nicely. Confident break of .9900 has given way to expected fall. Looking for continued slide to .9830 then .9750 otherwise back above .9900 could head back to 1.0
Resistance – 0.9905 / 0.9985 /1.0015 / 1.0032 / 1.0050
Support – 0.9829 / .9795 / .9750
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AUD/USD – Current 0.9915
Overview – Long term uptrend still recognized on weekly chart with no change at the moment. Shorter downtrend finding support at 0.9820 which is in the area of the weekly trend line. A hold at this area could see a rally back to the mid 1.0150 area. Confidence will grow in the downside on the break of the weekly trend line and supports
Resistance – 0.9915 / .9945 / .9966 / 0.9985 / 1.0040 / 1.0100 / 1.0155
Support – 0.9885 / .9865 / 0.9840 / .9820 / 0.9740 / 0.9660
